Core Insights - The company PLAY has announced the cessation of its operations and is seeking bankruptcy proceedings [1] Company Actions - The Board of Directors of PLAY submitted a petition to the Reykjavik District Court for bankruptcy [1] - A ruling on the bankruptcy petition is expected to be issued tomorrow [1]

Core Points - Fly Play hf. has decided to cease operations, canceling all flights and initiating a wind-down process with authorities and employees [1][4] - The decision stems from long-term underperformance, poor ticket sales, negative media coverage, and employee discontent regarding strategic changes [2][4] - The revised business model introduced last fall was initially optimistic but failed to address the company's deep-rooted challenges, leading to the conclusion that earlier implementation was necessary [3][4] - The cessation of operations will affect thousands of passengers, result in approximately 400 job losses, and cause financial losses for the company's partners [4][5] - The Board and management express regret over the decision, stating that all other options were exhausted before arriving at this painful conclusion [5]

Core Insights - The announcements pertain to PDMR (Persons Discharging Managerial Responsibilities) notifications for multiple companies, indicating potential insider trading activities or changes in shareholdings [1] Group 1 - Einir ehf. has issued a PDMR notification dated 27.08.2025 [1] - Fea ehf. has issued a PDMR notification dated 27.08.2025 [1] - Gnitanes ehf. has issued a PDMR notification dated 27.08.2025 [1] - Rea ehf. has issued a PDMR notification dated 27.08.2025 [1]

Group 1 - The Shareholder Meeting of Fly Play hf. was held on August 15, 2025, at 16:00 GMT [1] - The meeting took place at the Company's offices located at Suðurlandsbraut 14, 108 Reykjavík [1] - Proposals from the Board of Directors were approved during the shareholders meeting [2]

Group 1 - The final agenda and proposals for the shareholders' meeting of Fly Play hf. are set to take place on August 15 [1][2]

Core Viewpoint - Fly Play hf. is undergoing a strategic transformation focusing on leisure routes and profit-driven network planning, despite facing challenges such as adverse foreign exchange movements and maintenance delays [5][7][9]. Financial Performance - Total revenue for Q2 2025 was USD 72.1 million, down from USD 78.3 million in Q2 2024, reflecting network adjustments and maintenance delays [13][15]. - Net loss for Q2 2025 was USD -15.3 million, compared to USD -10.0 million in Q2 2024 [15]. - Operating costs decreased to USD 71.0 million in Q2 2025 from USD 74.1 million in Q2 2024, primarily due to reduced operations and lower fuel costs [3][4]. Operational Statistics - The number of flights decreased to 2,368 in Q2 2025 from 2,712 in Q2 2024, and the number of operating destinations fell from 36 to 31 [2]. - The load factor was 83.2%, down from 85.9% in Q2 2024, indicating a shift in the passenger mix due to strategic changes [11]. - On-time performance improved to 91.3% in Q2 2025 from 89.0% in Q2 2024 [2][3]. Strategic Initiatives - The company is increasing leisure capacity by 15% year-on-year, despite operating fewer aircraft, with a focus on point-to-point holiday traffic [5][11]. - Four aircraft are on ACMI lease with SkyUp through 2027, providing stable income with minimal commercial risk [6][9]. - A convertible bond issue secured USD 20 million in new funding, enhancing the company's financial position [9][15]. Future Outlook - The transition to a point-to-point network is expected to be completed by the end of October, with operational shifts aimed at reducing operating expenses [16]. - Q3 net income is projected to align with last year, with expectations of a significantly smaller winter loss and a return to profitability in 2026 [17].

Core Insights - PLAY experienced a significant decrease in passenger numbers, carrying 124,587 passengers in July 2025 compared to 187,835 in July 2024, primarily due to a strategic shift in fleet deployment and ACMI leasing agreements [1] - Despite the reduced capacity, the load factor improved to 90.3% from 88.4% in July 2024, indicating strong demand and effective capacity management, particularly in leisure destinations [2] - The operational performance remained solid with an on-time performance of 85.6%, slightly up from 85.4% in July 2024, showcasing the company's focus on operational efficiency [3] Fleet and Route Strategy - PLAY launched its inaugural flight to Valencia, marking its eighth destination in Spain, alongside existing routes to Alicante, Barcelona, Madrid, Malaga, Tenerife, Fuerteventura, and Gran Canaria [4] - The airline also offers flights to four destinations in Portugal: Lisbon, Porto, Faro, and Madeira, reinforcing its commitment to being a leading leisure airline from Iceland [4] Management Commentary - The CEO of PLAY highlighted the positive indicators from the core network strategy, noting the increase in load factor and strong demand despite the transitional period with part of the fleet in ACMI operations [5] - The CEO emphasized the team's efforts in achieving an on-time performance of 85.6% during a peak travel month, reflecting the company's focus on operational excellence [6]

Core Points - The shareholders' meeting of Fly Play hf. is scheduled for August 15, 2025, at the company's headquarters in Reykjavík [1] - Participation in the meeting is limited to registered shareholders, with a recommendation for the last trading day to be August 13, 2025, to exercise voting rights [3] - Shareholders not attending can vote by submitting a written ballot, with requests due five days prior to the meeting [4] Meeting Participation and Voting - Each ISK of share capital grants one vote, and shareholders can authorize a proxy with a written power of attorney [5] - Shareholders can request agenda items to be added, with submissions required in writing or electronically [6] - The final agenda and proposals will be updated on the company's website if requests are made in time [7] Additional Information - The final agenda, proposals, and supporting documents will be published by August 8, 2025, on the company's website [8] - Meeting documents will be available at the venue from 15:00 (GMT) on the day of the meeting [9] - Proposals include authorizing the Board to issue convertible bonds up to ISK 2,425,000,000 and new share capital up to ISK 3,500,000,000 [10]

Group 1 - The company expects a net loss of approximately USD 16 million for Q2 2025, compared to a net loss of USD 10 million in the same period last year, indicating a decline in performance [1] - The deviation in results is primarily driven by factors outside the company's control, including ongoing cost-saving measures and one-off transition costs related to a new business model [1] - The company’s core network and load factor performance remain in line with expectations, with RASK higher compared to last year [2] Group 2 - A negative foreign exchange impact of approximately USD 2.5 million was noted due to the strengthening of the Icelandic krona, affecting salaries, handling, and airport charges [3] - Delayed entry of one aircraft into service resulted in lost revenue of approximately USD 1.1 million due to maintenance issues [3] - Weaker than expected demand in the transatlantic market was attributed to a volatile geopolitical environment, tariff uncertainty, and macroeconomic softness [3]

Core Insights - Fly Play hf. has secured binding, conditional subscription commitments from investors for a convertible bond totaling ISK 2.4 billion, approximately USD 20 million [1] - The financing round includes participation from the company's largest shareholders as well as new Icelandic investors [1] Company Details - The convertible bond issuance is part of Fly Play hf.'s financing strategy to attract both existing and new investors [1] - Further details regarding the plans for the convertible bond are provided in a company announcement [2]